本文以2015年1月1日至2015年12月18日內所有針對台灣電子類股發出的投資評等宣告為樣本進行研究，在研究期間內共有1123個樣本，來探討券商評等的績效，以事件分析法進行實證分析，探討市場對於評等報告的反應。研究結果顯示針對台灣電子類股發佈的投資評等宣告，評等為買進之累積平均異常報酬比評等為賣出之累積異常報酬小，但評等賣出的筆數僅25筆，在統計上為小樣本，不符合中央極限定理，統計出的結果可能有偏誤之可能。故賣出評等報告在本文僅能參考。發布評等報告為中立，包含台灣境內券商發出中立評等但可能實為賣出評等下，所有事件窗口皆為負向報酬且具統計意義，則推測台灣券商在發布中立報告上是較有參考價值的。最終，券商固定頻率發布評等報告，對於累積平均異常報酬不具統計意義，即使事件窗口的累積平均異常報酬大部分為正報酬。

This study examined the value of analyst recommendations issued by brokerage house for Taiwan electronic companies in the Taiwan market from the period of 2015/1/1-2015/12/18. The 1,173 analyst recommendations were selected. This study used event study to discusses when brokerage house released the recommendations, the market how to response this report.
The empirical results of this study indicated the cumulative average abnormal return (CAR) of buying recommendation was smaller than selling recommendation. In all samples, the number of selling recommendations was 25 copies and did not conform to the central limit theorem. In statistical, the result of selling recommendations could be bias. Therefore the statistics result of selling recommendations did not have statistical significance in this study.
In holding recommendations, all event windows had statistical significance and negative CAR. This result indicated the Taiwan securities traders released holding recommendation and these recommendations implied that “selling” comment.
Finally, the statistical result of Taiwan securities traders released recommendation fixed frequency did not have statistical significance, even if event windows had positive CAR.

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